Recs: 4 US Senate Approves Peru Trade Agreement
Dec. 4 (Bloomberg) -- The Senate approved a free-trade agreement with Peru that may be the only such accord the Democratic-controlled Congress supports before next year's elections.
The Senate voted 77-18 for the agreement, one of the broadest majorities for a trade deal since President George W. Bush took office. The House approved the accord Nov. 8 in the first vote on trade since Democrats took control of Congress. The measure will now go to Bush, who urged its approval, for his signature.
``With the strong votes by both chambers of Congress, we are sending a strong signal to the world that the United States is regaining its bipartisan footing on trade policy,'' said U.S. Trade Representative Susan Schwab.
The agreement will eliminate tariffs and set rules of investment, boosting trade between the U.S. and Peru by $1.5 billion a year, as the U.S. opens the door for more Peruvian exports of asparagus and apparel and more American meat and grain can be sent to Peru.
It ``will create more employment by opening up Peru for industrialists to install plants here to supply the U.S. market,'' President Alan Garcia of Peru said in Lima today.
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